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ARS
綜觀
股息
財報
模型
財務狀況
比較
穩健度
圖表
5 年 DCF EBITDA 退出價
股價
1,550.00
ARS
公允價值
1,843.04
ARS
Metrics
Range
Conclusion
Discount Rate
10.5% - 9.5%
10.0%
Terminal EBITDA Multiple
10.2x - 12.2x
11.2x
Fair Value
ARS 1,667 - ARS 2,026
ARS 1,843
Upside
9.0% - 32.4%
20.5%
9.4%
Revenue 5y CAGR
25.3%
5y Avg EBITDA Margin
27.3%
Unlevered FCF 5y CAGR
5-Year DCF Model: EBITDA Exit
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儲存
股價
1,550.00
ARS
公允價值
1,843.04
ARS
看漲
20.5%
Revenue and EBITDA
CapEx
Working Capital
D&A
Tax Rate
Discount Rate
Terminal Value
Select Revenue and EBITDA Forecast
(USD in millions)
Input Projections
Fiscal Years Ending
Dec-24
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
Revenue
637,959
695,972
765,710
836,844
916,767
999,523
% Growth
11.0%
9.1%
10.0%
9.3%
9.6%
9.0%
EBITDA
120,468
162,827
192,149
219,667
234,624
259,979
% of Revenue
18.9%
23.4%
25.1%
26.2%
25.6%
26.0%
支援算式
Calculation of Free Cash Flow
Discounting Periods
Discounting Factors
Calculation of Enterprise Value
Equity Waterfall
Historical Financials
Current Trading Multiples
Calculation of Free Cash Flow
Projected Unlevered Cash Flow
(USD in millions)
Dec-25
Dec-26
Dec-27
Dec-28
Dec-29
EBITDA
162,827
192,149
219,667
234,624
259,979
Other Income / (Exp)
0
0
0
0
0
D&A
(86,531)
(98,236)
(102,083)
(95,951)
(93,752)
EBIT
76,296
93,913
117,585
138,673
166,228
Pro forma Taxes
(10,681)
(13,148)
(16,462)
(19,414)
(23,272)
NOPAT
58,990
65,614
80,765
101,123
119,259
142,956
Capital Expenditures
(82,999)
(103,801)
(107,961)
(109,381)
(124,402)
(130,705)
NWC Investment
6,380
5,858
7,042
7,183
8,071
8,357
(+) D&A
51,875
86,531
98,236
102,083
95,951
93,752
Free Cash Flow
34,246
54,203
78,082
101,008
98,879
114,359
% Growth
58%
44%
29%
-2%
16%
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